Taiwan

Overview:

Taiwan has a dynamic capitalist economy with considerable government
guidance of investment and foreign trade and partial government ownership of
some large banks and industrial firms. Real growth in GNP has averaged about
9% a year during the past three decades. Export growth has been even faster
and has provided the impetus for industrialization. Inflation and
unemployment are remarkably low. Agriculture contributes about 4% to GDP,
down from 35% in 1952. Taiwan currently ranks as number 13 among major
trading countries. Traditional labor-intensive industries are steadily being
replaced with more capital- and technology-intensive industries. Taiwan has
become a major investor in China, Thailand, Indonesia, the Philippines,
Malaysia, and Vietnam. The tightening of labor markets has led to an influx
of foreign workers, both legal and illegal.